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Home / Companies / Company Results /  PFC records 7% sequential rise in Q1 PAT to 4,579.5 cr, declares dividend
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Government-owned financial backbone of the power sector, Power Finance Corporation (PFC) witnessed lacklustre earnings for the quarter ending June 30, 2022 (Q1FY23). Also, PFC has announced an interim dividend for FY23 and a record date has been fixed. In Q1FY23, PFC posted a consolidated net profit of 4,579.53 crore up by a fractional 0.54% from 4,554.98 crore in the same quarter last year.

However, Q1 PAT jumped by 6.60% from 4,295.90 crore in the preceding quarter.

Consolidated revenue from operations stood at 18,532.25 crore in Q1FY23 down by 2.3% from 18,965.18 crore in Q1 of last fiscal. Meanwhile, revenue dipped by 1.70% compared to 18,853.18 crore.

In Q1FY23, PFC posted an interest income of 18,305.53 crore lower than 18,689.84 crore of Q1FY22 but edged higher from 18,261.21 crore of Q4FY22.

Also, total expenses dropped to 13,032.77 crore in Q1FY23 against 13,409.05 crore in Q1FY22 and 13,427.63 crore in Q4FY22.

On Friday, the company's board approved an interim dividend of 2.25 per equity share on the face value of the paid-up equity shares of 10 each for the current financial year.

PFC has fixed September 3 as the record date for determining eligible shares for the payment of dividends. The company plans to pay or dispatch the dividends on or before September 11, 2022.

Notably, the PFC shares will turn ex-dividend the day before the record date for the interim dividend.

When a company earns profit they share a portion of the surplus with shareholders who hold their stocks and that is called a "dividend".

Generally, the ex-dividend date for a stock is the business day before the record date of declaring eligible shareholders for the payout. This also means that investors who buy the stock on the ex-dividend date or later will not be eligible for dividends announced for a particular fiscal by the company.

Also, the company's board approved subscription of 50% equity shareholding not exceeding 50 crore in PFC Projects (erstwhile Coastal Karnataka Power), a 100% subsidiary of PFC, in the Power Asset Management Company as a 50:50 joint venture company with REC, for taking over stressed/ NPA assets in the power sector, subject to requisite approvals, as per the regulatory filing.

On BSE, PFC shares closed at 120.65 apiece higher by 1.17%. The company's market cap is around 31,852.59 crore.

Incorporated in July 1986, PFC is a leading NBFC providing financial assistance to power projects across India including generation, transmission, distribution, and RM&U projects.

 

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